Trending Financial News 30 October

Neobank 86 400 opens with $10 cashback

86 400 is a neobank, a completely online bank based on a mobile phone app. 86 400 is now open for business and offering $10 cashback to the first 10,000 people who open an account. The promotion ends 15 December 2019.

86 400 is named for the number of seconds in 24 hours and has no branches. The only way to open an account is to download the 86 400 app on the App Store or Google Play.

86 400 has just opened for business – with a $10 cash back promotion – starting 20 October 2019.

To find out more about 86 400, read the infochoice review of 86 400.

PayID popular with Aussies

100,000 Australians are signing up to Osko and PayID every month. Around 3.6 million PayIDs have already been registered, said the New Payments Platform Australia yesterday. 

PayID allows users to transfer money to other people using their email address or phone number rather than bank account details.

“The platform is now processing an average of approximately 750,000 payments worth an average of $750 million each day,” reported the NPPA

67 financial Institutions have rolled out Osko to their customers, 35 per cent of the population aged 18 and over are aware of Osko and 17 per cent actively use it said NPPA.

RBA signals low rates, not negative rates

The governor of the Reserve Bank of Australia, Philip Lowe last night signalled that negative interest rates are unlikely to be adopted in Australia. However, Dr Lowe said a long period of very low rates will be needed to support the economy.

“While we need to take account of … global trends, there is no automatic mechanical link between what is happening elsewhere and our own monetary policy,” said Dr Lowe.

“Each meeting of the Reserve Bank Board we are ask ourselves what is best for the Australian economy and for the welfare of the Australian people.”

RBA set for long period of low rates

The governor of the Reserve Bank of Australia, Dr Philip Lower, said a long period of low interest rates I required in Australia to support jobs and economic growth.

“Low interest rates are supporting jobs and overall income growth.

“We also recognise that low interest rates hurt the finances of many people, particularly those relying on interest income, so there is a balancing act here.

“The Board is prepared to ease monetary policy further if needed,” he said.

“It’s likely we will require an extended period of low interest rates to reach full employment and for inflation to be consistent with the target. “

Eleven home loans under 3%

There are eleven home loan products now listed in InfoChoice that have headline interest rates under 3 per cent pa.

The lowest advertised home loan rate now listed on InfoChoice is Reduce Home Loans’ RateSlasher loan with a comparison rate of 2.70 per cent pa for owner occupiers paying principal and interest.

Other lenders with very low rates on variable home loans include FreedomLend, Athena, Loans.com.au and Mortgage House.

Bitcoin price is stable above $13,000

After a volatile week last week, the price of one Bitcoin looks to have stabilised well above A$13,000. Bitcoin fell heavily a week ago as Facebook’s Libra plans were discussed in US Congress before rallying higher on Friday after positive comments from Chinese President Xi Jinping.

Xi Jinping declared blockchain technology to be beneficial for data sharing, removing operating costs, developing national digital economies and encouraging economic and social development. Keep up to date with the latest news and prices on Cryptocurrencies at InfoChoice.

Bitcoin price, last 7 days. Chart from Coinbase.com

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